KB Financial Group in South Korean Awarded Blockchain FinTech Patent For Improving Security
Major South Korean Financial Holding Gets Blockchain Patent For Improved Fintech Security
The KB Financial Group, a South Korean financial holding company, has recently received a patent for a new blockchain solution which consists in a a blockchain-based app for the security of fintech companies.
With over $432 billion USD in assets under its management, KB Financial has multiple overseas and domestic companies like the KB Kookmin Bank, which is the largest bank in South Korea and the 60th largest in the whole world in 2017.
The patent of the company is focused on creating a blockchain solution that can be used to improve security programs for apps. The technology will separate the security program from the app, which means that the safety will be enhanced because it will not be a part of the app.
This technology will use private encryption and decryption keys that will store the information on the blockchain and that, even if someone loses the physical device like a cell phone or in the case that it is hacked or stolen, all illicit transactions could be properly blocked.
KB Financial plans to use the new patent to take this solution to its other markets, speciall in Southest Asia, which is one of the largest markets of the company and it is considered to be one of the most vulnerable ones to hacking since pirate apps are very popular in the region.
By using this new solution, a new user could be protected even in case of a hack. In the United States, for instance, SIM Swapping cases are getting more prominent lately and it looks like the company is responding a recent research done by KB in which it was noted that almost 75% of the people in the region did not have any interest in investing in cryptos.
Removing the fear of being hacked and the danger of this happening could be an important first step to start to make crypto investing more popular in the country.